Development Fund

Development Fund 35.

1. (1) The University shall also establish a fund to be called the Development Fund to which shall be credited-
   • (a) any grant or contribution made by the State Government or Central Government for the development of the University;
   • (b) any other sum or property which may be received by the University specifically for the development of the University or any of its departments;
   • (c) any portion of the General Fund which the Executive Council may transfer to the Development Fund.
2. (2) The Development Fund shall be kept in a Scheduled Bank or invested in such securities as may be decided by the Executive Council.
3. (3) The Development Fund shall be utilized for the development of the University, including-
   • (a) the construction of buildings, laboratories, workshops, libraries, offices, staff quarters and other infrastructure;
   • (b) the purchase of equipment, machinery, books, journals and other materials for the development of the University;
   • (c) any other development purpose as may be decided by the Executive Council.